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Real Estate Sales License Exam - Rhode Island Exam Study Guide Solutions $12.49   Add to cart

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Real Estate Sales License Exam - Rhode Island Exam Study Guide Solutions

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Real Estate Sales License Exam - Rhode Island Exam Study Guide Solutions Deed of Trust Loan - ANSWER-Deed wherein legal title in real property is transferred to a trustee, which holds it as security for a loan Factors influencing real estate supply - ANSWER-- Labor force availability - Constru...

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  • November 4, 2024
  • 43
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Real Estate
  • Real Estate
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KaylinHoffman
Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




Real Estate Sales License Exam - Rhode

Island Exam Study Guide Solutions


Deed of Trust Loan - ANSWER✔✔-Deed wherein legal title in real property is transferred to a trustee,

which holds it as security for a loan


Factors influencing real estate supply - ANSWER✔✔-- Labor force availability


- Construction and material costs


- Government controls


- Govt. financial policies


Factors influencing real estate demand - ANSWER✔✔-- Population


- Demographics


- Employment and wage levels


Realtor - ANSWER✔✔-Member of the National Association of Realtors


Schools are part of what real estate classification - ANSWER✔✔-Special purpose


Uses of Real Property - ANSWER✔✔-- Residential


- Commercial


- Mixed-Use


- Industrial

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- Special Purpose


What is not a factor in how quickly the forces of supply and demand work - ANSWER✔✔-Pricing


Improvements do not include: - ANSWER✔✔-- Shrubbery


- Trees


- Lawns


Real property includes: - ANSWER✔✔-- Interests


- Benefits


- Rights that are automatically included in the ownership of land and real estate


Bundle of Legal Rights, as part of Real Property, include: - ANSWER✔✔-Right of:


- Possession


- Control


- Enjoyment


- Exclusion


- Disposition


Title is: - ANSWER✔✔-- Right to ownership


- Bundle of legal rights


- Evidence of ownership provided by a deed


Appurtenance - ANSWER✔✔-Right or privilege associated with real property, e.g.



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- parking space


- easement


- water rights


Emblements (personal property) - ANSWER✔✔-Annual plantings (not perennials) or crops or grains


Severance (personal property) - ANSWER✔✔-Can be separated from the land, e.g. apple being picked

from the tree


Attachment or Annexation (personal property in to real property) - ANSWER✔✔-e.g. cement, stone, and

sand mixed in to concrete to make a sidewalk


Fixture - ANSWER✔✔-Part of real property. Attached to the land or building


Legal tests for a fixture - ANSWER✔✔-- not easily removable (means of annexation)


- considered a permanent addition (adaptation to real estate)


- agreement of the parties (in the offer to purchase)


Trade fixtures - ANSWER✔✔-property attached to the structure but used in the course of business.

Personal property or Real Property.


Accession - ANSWER✔✔-Trade fixtures that are not removed and become part of the real property being

purchased


Economic characteristics of real estate - ANSWER✔✔-- Scarcity


- Improvements


- Permanence of investment


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- Location


Physical characteristics of real estate - ANSWER✔✔-- Immobility


- Indestructibility


- Nonhomogeneity or uniqueness


Chattels - ANSWER✔✔-Personal property


Personalty - ANSWER✔✔-any tangible asset that can be moved (not fixed to land)


Types of Housing - ANSWER✔✔-- Single-family homes


- Apartment complexes


- Condominiums


- Cooperatives


- Planned Unit Developments (PUDs)


- Mixed-Use Developments (MUDs)


- Modular homes


- Mobile homes


- Time shares


PITI - ANSWER✔✔-- Principal


- Interest


- Taxes



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